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Laredo Petroleum Announces 2019 Second-Quarter Financial and Operating Results
Increases Oil Production Guidance, Maintains Capital Budget and Expects to Generate $30 Million In Free Cash Flow for Full-Year 2019
TULSA, OK - July 31, 2019
- Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or "the Company") today announced its 2019 second-quarter results, reporting net income attributable to common stockholders of $173.4 million, or $0.75 per diluted share. Adjusted Net Income, a non-GAAP financial measure, for the second quarter of 2019 was $55.5 million, or $0.24 per diluted share. Adjusted EBITDA, a non-GAAP financial measure, for the second quarter of 2019 was $153.2 million. Please see supplemental financial information at the end of this news release for reconciliations of non-GAAP financial measures.
2019 Second-Quarter Highlights
Completed the widely-spaced Yellow Rose package, which is outperforming a directly offset tightly-spaced package by 30% based on cumulative oil production per foot
Produced a Company record 30,447 barrels of oil per day ("BOPD"), exceeding oil production guidance by 7% or almost 2,000 BOPD
Reduced amount outstanding on the Company's credit facility by $35.0 million, lowering Net Debt to Adjusted EBITDA to 1.7 timesa 
Received net cash payments of $15.8 million on settlements of derivatives as the Company's hedges mitigated the impact of commodity price declines
Reduced controllable cash costs of combined unit lease operating expenses ("LOE") and unit cash general and administrative expenses ("G&A") to $4.69 per barrel of oil equivalent ("BOE"), a 23% decrease from full-year 2018 results of $6.07 per BOE
"The second quarter of 2019 fully demonstrated the results of the strategic transformation Laredo began late last year," stated Randy A. Foutch, Chairman and Chief Executive Officer. "Well productivity dramatically improved from 2018 as we widened spacing, unit cash G&A decreased 36% from full-year 2018 after we reduced personnel expenses, we paid down $35 million of debt as we generated free cash flow during the quarter, and now we expect to generate $30 million in free cash flow for full-year 2019."
"We believe there is still room to improve on these results," explained Jason Pigott, President. "We are refining our development focus to reduce the risk of vertical interference in our Upper/Middle Wolfcamp drilling and we are


The following information was filed by Laredo Petroleum, Inc. (LPI) on Wednesday, July 31, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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